There are cases where a delinquent record remains due to non-payment of loan or credit card payments. Whether long-term or short-term, if you are delinquent, your credit rating will drop, which is not good. Let’s learn in detail about how to check and delete delinquent records and about loan products that even delinquent borrowers can receive loans.
Long-term and short-term delinquency record inquiry, loan deletion, learn more
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Long-term and short-term delinquency record inquiry, loan deletion, learn more
index
View and delete delinquent records
Loan products available to delinquent borrowers
Frequently Asked Questions
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View and delete delinquent records
Check delinquency records
Long-term delinquency refers to an amount over 1 million won being overdue for more than 90 days, while short-term delinquency refers to an amount over 300,000 won being overdue for more than 30 days. Late payments can have a negative impact on your credit score, so it is best to avoid late payments.
When delinquency occurs, it is recommended to repay the arrears as soon as possible. If delinquency continues, you may have problems using other financial products because it will show up as bad credit not only in the financial company you received the loan from, but also in the credit information of other financial companies.
In the case of short-term delinquency, some loans are available, but in the case of long-term delinquency, it is almost impossible to get a loan, so it is important to avoid long-term delinquency.
You can check your delinquency record for free through the KCB or NICE credit rating agency website. If a delinquency occurs, it may be reflected in your credit score because the record is not deleted for a certain period of time even if you repay the entire amount.
Since delinquency records are maintained for approximately 1 to 5 years, it is recommended that you repay the delinquent amount as soon as possible. We will tell you how to check your delinquency records.
KCB All Credit
You can visit the KCB All Credit website and check your delinquency record through the free credit inquiry for all citizens located at the bottom. It is said that up to 3 sessions are free, so please keep this in mind and use it only when absolutely necessary. I will leave a link to the website, so please check it out.
All Credit, Korea’s representative credit information established and utilized by financial institutions
Experience an increase in your credit score through customized credit management, free credit score check, and My Data registration provided by Korea’s leading credit rating agency.
www.allcredit.co.kr
NICEJikimi
If you want to check your delinquency record through the NICE Jikimi website, you can check your credit by accessing the website and clicking Free Credit Check for All Citizens in the top menu, just like All Credit.
NICE also has a limit on the number of free uses, so please use it only when necessary. Please note that there are no restrictions if you use it for a fee. Please check through the link below.
NICEJikimi
#1 credit rating agency, nice credit habits that increase your credit score
m.credit.co.kr
Delete delinquent record
If a delinquency occurs and you do not pay the delinquent amount for more than 5 business days, the delinquency will be registered and your credit card will be suspended. In the case of loans, arrears may be added and a loan amount may be added to the entire remaining loan amount.
Additionally, if it continues, the record may be transferred to another card company or financial company and use may be restricted. If a delinquency occurs and the entire amount is repaid, the delinquency is said to be cancelled.
When delinquency is lifted, the delinquency record is reflected in the credit evaluation score for 5 years in the long term and 3 years in the short term, and after the period, the delinquency record is automatically deleted.
There may be confusion about clearing and deleting delinquent records, so to explain once again, clearing means repaying all arrears, and deleting means disappearing all records.
Please check the table below to see the impact on your credit rating and the period for which records are preserved depending on the amount and number of delinquencies.
Click on the image to enlarge it.
If you want to delete your delinquency record, but are unable to do so due to your current financial capabilities, you can do so through the personal bankruptcy system.
This is only possible when the exemption application has been confirmed along with the personal bankruptcy system application, and the debt may be forgiven. Personal bankruptcy and exemption can be applied to the city, so you can use it if you meet the conditions.
Please note that the required documents are as follows.
affidavit
Family Relations Certificate
Marriage certificate
ID card
Property list (current living situation)
Seal certificate
warrant
Creditor address book
Household budget index
In addition to these documents, you may need to prepare additional documents depending on your situation, so please consult with an expert before proceeding.
Loan products available to delinquent borrowers
Short-term delinquent borrowers can receive government-backed loans and other financial products. There are many products available for loans compared to long-term delinquent borrowers. So please be careful not to become a long-term delinquent borrower.
However, this does not mean that long-term delinquent borrowers cannot get a loan, so let’s find out which loan products are available. In the case of delinquent borrowers, even if they receive a loan, only high-interest products and secured loans are available.
Financial products available for loans to delinquent borrowers
Products that provide loans to delinquent borrowers include Accuon Capital’s loan for office workers and Hansung Savings Bank’s loan. In the case of Accuon Capital, the interest rate is 6.9~19.9%, and loans are available up to 100 million won. There is a condition that you must be an office worker, so please refer to this before applying.
Hansung Savings Bank loans have an interest rate of less than 16%, and if you are over 19 years old and have an income, you can borrow up to 30 million won. You can get a loan even if you have a minimum credit rating, so please check it out if you meet the eligibility conditions.
government-backed loan
The next financial product that allows you to get a loan even if you are overdue is the microfinance Sunshine Loan, which is a financial product supported by the government. If you have a delinquency record of more than 30 days within the past 3 months from the date of application, it may be difficult to process the loan, so long-term delinquent borrowers may not be able to use it.
I will leave a link to a post that explains in detail about the Sunshine Loan, so please use the link to learn more and make a decision.
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Other loan methods
Additionally, if you still have an insurance policy that has not expired, you can use an insurance policy loan. Since loans are available within the cancellation refund amount of insurance products paid so far, you can apply and use them regardless of your credit rating and delinquency history.
If you have delinquent payments, your credit rating is low, so you can only use mortgage-oriented loan products. That’s why looking for a car loan can be one option.
Ultimately, if you have difficulty getting a loan, you can get a loan through a lending company, but it is risky because the interest rate is high. Therefore, we recommend that you think carefully before applying for a loan through a loan company.
Additionally, it is said that various secured loans, deposit-secured loans, and faithful repayer loans are available, so please refer to this if you are looking for loan products.
Frequently Asked Questions
There are a lot of questions asked by people who are worried about delinquent payments, so we would like to organize the answers to those questions. Let’s take a look at what questions there are.
Q. Are delinquent records completely deleted?
A. The period from which delinquency records are deleted may vary depending on whether the delinquency is long-term or short-term from the date the delinquency is lifted. The deletion period is explained in the text, so please check it.
If you are in arrears, it is best to repay the arrears as quickly as possible and cancel the arrears. Additionally, delinquent payments of less than 100,000 won have no effect on your credit rating, so please quickly pay off the amount before the amount exceeds 100,000 won.
Q. After personal bankruptcy, my exemption was confirmed, but my delinquent record at the Korea Credit Information Service was not immediately deleted. Why is that so?
A. Usually, when exemption is confirmed after personal bankruptcy, delinquent records recorded in the Korea Credit Information Service are immediately deleted. However, if the delinquent amount is more than 5 million won, delinquency is canceled, but the records are deleted after one year from the date of release. It becomes.
In short, it can be said that the arrears must be less than 5 million won to be deleted immediately. It takes a year to completely delete your delinquent record, so there is no other way than to wait until it is deleted.
Q. Can I use financial products only if all my delinquent records disappear?
A: No. Even if all your delinquent records do not disappear, you can use it to some extent because your credit rating will slowly increase. Many restrictions are lifted from level 5 onwards, so